Prepare the financial statements: Below is the adjusted trial balance for Whiplash, Ltd. as of June 30^th, 2020:

Whiplash, Ltd.
Adjusted Trial Balance
As of 6/30/2020
Account:	DEBIT:	CREDIT:
Cash	$ 18,995
A/R	$ 14,085
Prepaid Rent	$ 8,750
Investments	$ 10,000
Equipment	$ 25,000
Accumulated Depreciation		$ 2,500
A/P		$ 11,420
Wages Payable		$ 4,000
Utilities Payable		$ 200
Interest Payable		$ 7,750
Deferred Revenue		$ 1,050
Notes Payable		$ 15,500
Common Stock		$ 8,000
Retained Earnings		$ 21,440
Service Revenue		$ 41,010
Investment Revenue		$ 1,200
Rent Expense	$ 3,250
Utilities Expense	$ 1,200
Wages Expense	$ 30,000
Depreciation Expense	$ 2,500
Dividends	$ 290
TOTAL	$ 114,070	$ 114,070

Using the adjusted trial balance, prepare the following financial statements:

• Income statement for the period ended June 30^th, 2020.
• Statement of Shareholders Equity for the period ended June 30^th, 2020. Assume no additional stock was issued during the period and $290 in dividends were paid in cash during the period.
• Classified balance sheet as of June 30^th, 2020.